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Transcript of MM (Marketing Management)
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1
MARKETING MANAGEMENT
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Market
What is a Market?
Concept of Market Place
Market
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Basic concepts
Marketing starts with consumer needs
Concept of
Need Want
Demand
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Write down the generic need in case of the following
products
Product
Cosmetics
Elevators
Mini calculators
Soft drinks
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Concept of Product
Basic Concept
Levels of Products
Core Product
Basic Product
Expected Product
Augmented Product
Potential Product
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Market Segmentation
Dividing theheterogeneous market
intohomogeneous groupsofcustomers.
A Marketrelatesto a generic need ,
while a marketsegmentrelatesto a
want ie. a specific need. Segment islike a subset (safetyrazor)
ofa set (razor market).
Segmentsserves as a meansto goal
becausedifferent marketsdemanddifferent items.
Division ofa market into groups
having similar wants
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Why segmentation? Ithelpsus in concentrating on a
narrow marketing field (niche)tooptimizeourresourcesforthe area ,which is mostbeneficialforus.
Becauseofniche , wecan focusour
strategyon a properlydefinedspecifictargetsegmentation.
The membersofniche getting
accustomedtotheir wantsbeingmetproperlyby a particularproduct,develop a brandloyalty.
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Points to Ponder. During segmentation , what
we are grouping is anticipatedorders from buyers and notbuyers themselves and thesame buyer for different
things may belong to differentsegments .
If the difference between
products & brands is marginal, not much purpose is servedby segmentation .
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Bases for SegmentationThere are three basic motivations behind
every purchase by customer-
Benefits the productgives
The satisfaction theproduct gives
(even if the product
is not so beneficial) Buyers situation in
life
9
Benefit segmentation
The Psycho graphic
segmentation ( Life-
style based )
Demographic
segmentation
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Some punch lines , used by companies to
attract the life- style based targets..
Just the change way you cook,then change the way you look
- LG Microwave Oven. Hira kah deta hai dil ki bat
- Debeers Diamonds.
Jo chaho ho jaye Coca Cola
enjoy- Coca-Cola.
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AIOInventoryActivities Sports
Shopping
Clubs Entertainme
nt
11
Interests Home
Job
Food Media
Opinions Social
issues
Politics Education
Culture
Demo. Age
Income
Occupation
Education
FamilySizes
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Please suggest suitable life-styles that the marketer may
use in case of following products-
Mens clothing
Motor cycles
Soft drinks
Tea
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Demographic segmentationThis isbasedon thefollowing factors-
Family life cycle ,
Society(ie. Social class)
Age ,
Sex ,
F
amily Size , Education ,
Occupation ,
Income ,
Location , Religion ,
Race nationality.
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Family Life Cycle
(Buyers situation in life) Young single people , not living at home
Young married , no children
Young married , youngest child undersix
Young married , youngest child six or
over Older married , with dependent
children
Older married , no children living athome
Older , single
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Two more bases for segmentation-
Usage rate of a product,heavyusers of a product are identifiedeg.Young people for soft drinks
Brand loyal customers, who areused to of one brand eg.Customers for Bata shoes ,
Colgate toothpaste
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When major benefits of a
product get matured in
the same quantity in manybrands , minor benefits
may become the basis for
choice.
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Point to Ponder.
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Methodology of Segmentation
Top Down(logical division)
Bottom up(ordering division)
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Selection of segmentation
General factors
Company thirst Size & growth
Investment needed
Profitability Risk
Competition
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Selection of segmentation
Specific factors
Segmentation durability
Mobility
Visibility
Accessibility
Introduction to Marketing Chapter-1 19
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Marketing mix is a set of marketing tools that the firm uses to
pursue its marketing objective in the target market
Marketing mix options
Product price promotion place
Product variety list price sales promotion channels
Quality discounts advertising coverage
Design allowances sales force assortment
Features payment period public relations locations
Brand name credit terms direct marketing inventory
Packaging transport
SizesServices
Warranties
Marketing Planning, Strategy & Mix 20
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Company
21
PromotionMix
Product& Price
Offer
Sales Promotion
Sales Force
Advertising
Public Relations
Direct Mail / TeleMarketing
DistributionChannels TargetCustomers
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Segmentation - dividing theheterogeneous market intohomogeneous group of
customers.
Targeting - selection of a suitablecustomer group & develop amarketing plan,accordingly.
Positioning- acquiring a valuespot in the mind of a prospect ,through differentiation.
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How to make marketing efforts, strategic ?
STPApproach
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Positioning
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Targeting
Segmentation
Development of a Marketing plan /
Marketing Planning
Development ofMarketing Strategies
MarketingMix (4Ps)
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What is a marketing plan?
24
Elements of a marketing plan-
Current marketing situation (Where we are)
Problems & Opportunities Marketing Objectives
Marketing Strategy
A systematic program A provision for budget
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What is a marketing strategy?
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A Marketing Strategy is a series of
integrated actions leading to a sustainable
advantage
- John Scully
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A marketing strategy is an approach to achieve
marketing objective
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The Marketing Strategy is a
decision in respect of
Target MarketPositioning
Marketing Mix
& Marketing expenditure
levels
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Sellers 4Ps corresponds to the customers
4Cs Robert Lauterborn
4Ps 4Cs
Product is based on Customers need and wants
Price
cause Cost to the customer
Place is just for Convenience of customers
Promotion is to Communicate the customers well
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A class room exercise true false
statements
28
1. AMarketing Strategy is to achieve a marketingobjective.
2. Marketing Planning does not include- setting
marketing objective.
3. MarketingMix is required for marketingstrategy but not forMarketing Plan.
4. Marketing Planning comes before than
Marketing Strategy.
5. STP is an approach for strategic marketing butnot for a marketing strategy .-
6. Targeting means customizingMarketing
Planning .
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7. Marketing planning comes under marketing
strategy .
8. Features & attributes are same thing.
9 . This is more important to have attributes than
features.
10. Philp kotler has given the concept ofmarketing mix.
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Marketing organization
Marketing organization
is that where marketing
department commands the
organization by identifying
customer needs.
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Principles of designing an organisation
Dividing work force on the basis of specialization
( differentiating one activity from other) Combining inter-related specializations into one
entity ie. Department
(ie. Departmentalization)
Activities of different departments are correlatedby standardization of procedures and systems
(Ie.Formalization )
Results of activities are combined together for
decision making , at central level(Centralization )
the process of appraising the performance for
determining compensation is called evaluation
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Considerations for designing the marketing
organization
1. Organizations objectivemarket share
sales / profit levels
customer image
competitive image
2. Nature of the product
3. Flexibility at all levels for fast
changing customer preferenceproducts eg. High fashion garments.
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Considerations for designing the marketing
organizationcontd.
4. Highly diversified range of numerousproducts need separate marketingorganization for each product.
5. Such firm will need to have separate
marketing organization- If markets are located for away
from each other
- if different markets have differentcustomer taste and habits in respect ofthe same class of products.
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Methods of designing the marketing organization
Functional organization method Product management organization
method
Market centered organizationmethod
Matrix organization method (many
products many markets)
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Advertising & promotion
The long term advertising by
corporate office.
The short term advertising by
branch office.
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Marketing research
Carries out , continuously ,
a systematic objective andexhaustive search for and
study of the facts related to
any problem in the field of
marketing
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Marketing information systems (MIS)
MIS is a system of collecting , processing ,
maintaining & using information for bestdecision making.
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Principles of designing an organization
Dividing work force on the basis of specialization
( differentiating one activity from other)
Combining inter-related specializations into one
entity ie. Department
(ie. Departmentalization)
Activities of different departments are correlated
by standardization of procedures and systems(Ie.Formalization )
Results of activities are combined together for
decision making , at centrallevel
(Centralization )
the process of appraising the performance for
determining compensation is called evaluation
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Principles of designing an organisation.Contd.
Different levels body called structure. Structure helps in - facilitating achievements
- accomplishment of task
- Managerial control- reducing costs
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Considerations for designing the marketing
organization
1. Organizations objectivemarket share
sales / profit levels
customer image
competitive image
2. Nature of the product
3. Flexibility at all levels for fast
changing customer preferenceproducts eg. High fashion garments .
Marketing Planning, Strategy & Mix 40
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Considerations for designing the marketing
organizationcontd.
4. Highly diversified range of numerous productsneed separate marketing organization for each
product.
5. Such firm will need to have separate marketing
organization
- If markets are located for away from each
other
- if different markets have different customertaste and habits in respect of the same class of
products.
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Methods of designing the marketing organization
Functional organization method
Product management organization method
Market centered organization method
Matrix organization method (many products
many markets) ref. Table 3.
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CONSUMER BEHAVIOUR
Those actsofconsumersdirectly involved in
obtaining ,
using , &disposing ofeconomic goods & services,
including thedecision process..
thatprecede anddeterminethese acts.
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Input External Influences
Marketing Stimuli Other Stimuli
Product Economic
Price Technological
Promotion Political
Channel Of Social
distribution
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Process Consumer Decision Making
Buyer Characteristics Buyer Decision
Psychology ProcessPersonal and
Cultural characteristics
Output Consumer Decisions & ActionsProduct choice
Brand choice
Dealer choice
Purchase timing
Purchase amount
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Factors influencing consumer behaviour
Cultural Factors
Social Factors
Personal Factors Psychological Factors
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Psychological Factors
Motivation
Perception
Learning Beliefs & Attitudes
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MOTIVATION
.is the satisfaction which a personseeks to meet the sufficientlypressing need.
1. Physiological Need
2. Safety Need
3. Social Need
4. Esteem Need
5. Self Actualisation Need
Levels of need
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Perception
.is how we see the world around
us.Customer perceives the product by its
physical shape , colour , size , fragrance , feel,taste , packaging and advertisements.
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BELIEFS & ATTITUDES
A belief is a descriptive thought that a
person has about something
Attitude is a persons enduring feeling
towards a particular idea or object.
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OCCUPATION
is a permanent activity , provideslivelihood to a person
.. the consumer behaviour is driven
towards goods related to-
a) Specific occupation / Profession
b) Their education level
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LIFE STYLES
are patterns in which people live- as
expressed by manner in which they
spend
money &time
on various activities and interests .
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LEARNING
.is a continuous process of acquiring
knowledge from past & presentexperiences , which is applied to
evaluate future situations & decisions .
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PERSONALITY
..is sum total of an individualspsychological traits that both
determine and reflect how a personresponds to his environment stimuli.
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SOCIAL FACTORS
all individuals are surrounded by peoplewith whom they interact and such people(Reference Groups) exert a significant
influence on consumer decision makingprocess.Opinion Leaders
are those people who have developed a
reputation for acquiring considerableknowledge and experience in a particulararea.
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SOCIAL FACTORS SOCIAL GROUPS
Primary group Family and close friends
Secondary group Occasional visitors
Formal groups Who have a highly definedstructure & specific roles & goals. E.g. Office
Informal groups Which are loosely defined anddo not have specified goals. E.g. Kitty party
SOME MORE SOCIAL GROUPS
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.SOME MORE SOCIAL GROUPS
Reference groups are those which serve as a point of reference orcomparison , in the formation of the attitudes and behaviour are
called reference groups.
Indirect reference groups- are those with whom an individual doesnot have contact .e.g. Film stars , Sportsmen , Doctors etc.
Direct reference groups- are those which exert a significant
influence on purchase decision making process . Family , Friends .
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CULTURAL FACTORS-
Culture
Sub culture
Social Class
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Marketing & e-Marketing Chapter-3 58
CULTURE
is the sum total of learned beliefs , valuesand customs which guide the consumer
behavior of all members of a society.Culture comes through
Formal learning (as by children from parents)
Informal learning (copying from TV Serials)Technical learning (Painting)
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Marketing & e-Marketing Chapter-3 59
SUB CULTURE
Sub Cultures follow the dominantcultural values of the overall society
e.g.- Jainism amongst Hindus.
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Marketing & e-Marketing Chapter-3 60
SOCIAL CLASS.is created by inequality and can beranked in a hierarchal order like-
UpperUpperLowerUpperUpper middleLower middle
Upper LowerLower LowerRefer.Table 7 p.n.- 128
Detailed Model Of Factors Influencing Consumer Behaviour
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Detailed Model Of Factors Influencing Consumer Behaviour
Cultural
Culture
Sub-
Culture
SocialClass
Social
Reference
Groups
Family
Roles &Statuses
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Personal
Age & Life
Cycle
Stage
Occupation
Income
Life Style
Personality
Psychological
Motivation
Perception
Learning
Beliefs & Attitudes
BUYER
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7 OS OF CONSUMER BEHAVIOR
OccupantsObjects
Objectives
OrganizationsOperations
OccasionsOutlets
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Product Management
What is Product Management?
Role and Job of Product Manager
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Some important advanced
concepts
Product MixProduct Line
Brand Line
Brandset
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Product Mix
is a comprehensive set ofALL THE PRODUCTS,offered by one company
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Product Line
is a Group/ Line of all products , sharing common
characteristics
Product Line of bath soaps (In the ProductMix ofHLL)
Lux Liril Dove Hamam Lifebuoy
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Brand Line
is a Group/ Line of all products , sharing common
characteristics. and common brand.
Brand Line of Lifebouy brand under product line of
bath soaps
(In the ProductMix ofHLL)
Lifebouy
(Ordinary)
Lifebouy
Plus
Lifebouy
Gold
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Product Life Cycle
1. Introduction Stage
2. Growth Stage
3. Maturity Stage4. Decline Stage
TimeSale
1
24
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A TRADE MARK
A Trade Mark is a brand , which is
registered with the competent legal
authority for obtaining rights to itsexclusive use and depriving all others
from using it under pain of legalpunishment .
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Why to build up brands
It helps a consumer in the instant
recall.(TOM)
It helps for unique identification of a productwith the added confidence of a minimumquality and attributes.
Gives the buyer a psychological satisfaction ifthe brand has a prestigious name .
Differentiate one product from other.
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Selection of Brand Name
Easy to pronounce
Unique
Association
Legally protect able by registration
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Values Associated with a
Brand Name
Memorization Value
Associational Value Repurchase Value
Descriptional Value
Motivational Value
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PACKAGING &PACKING
Packing - Covering / Wrappingthe objective
Packaging A process to
. Select the material for the
packet
designing the packet
develop the packet
wrapping the packet
Packaging and its
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Packaging and its
functions Packaging in marketing means ..
preparing goods for storages
transport
Sale
P k i
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.Science
.an Art
Packaging as.
.an instrument for impulse sale
.an technology
.a Five second commercial
Some Points to Ponder
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Some Points to Ponder
Colour scheme
Slender & cute container
Attractive graphics & logos
on container
L t l
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Long term values.. Repetitiveuse value
Ease in opening,closing andusing
packaging
Ease in disposal
Economyofstoragespace
Functionalpackages areengineering device
Packaging techniques for Sales
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g g q
promotion..
Money off pack Coupon Pack
Pack-in-premium
Premium package Self liquidator
Shelf life
Introduction of new package
Packaging designed to avoid
direct price comparison
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Trade off between Damage and
Packaging
A
Loss bydamage
( % )
Cost of Packaging ( % )
CA
Segments of packaging Industry-
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Segments of packaging Industry
Manufacturers of packaging material
Manufacturers of packages
Manufacturers of labels
Marketing Research agencies
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Pricing Strategies
Cost plus pricing
Target Return Pricing
Skimmining Pricing Loss-Leader Pricing
Penetration Pricing
Psychological Pricing
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AIDA MODEL
Awareness : On seeing an advertised item
Interest : If ad. is found attractive
Desire : If you need it
Action : Process of buying
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HIERARCHYOFEFFECTS
Movement towards
purchaseRelevant promotion
Awareness
Knowledge
Teaser campaigns, jingles and slogans
Classified ads., POP displayPublicity
Liking
Preference
Informative/descriptive ads.
Status/glamour appeals, comparative ads.
Demonstration
Conviction
Purchase
Testimonials, Coupons, Discounts & Other
incentives, POP display, Reminder ads.
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COMPARISION OF PROMOTIONAL
CO
MPO
NE
NT
SPROMOTIONAL
COMPONENT
SCOPE
Advertising Mass
Personal selling Personal
Sales promotion Mass
Publicity Mass
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COMPARISION OF PROMOTIONAL
CO
MPO
NE
NT
SPROMOTIONAL
COMPONENT
COST
Advertising Relatively inexpensive per contact
Personal selling Expensive per contact
Sales promotion Can be costly.
Publicity Inexpensive.
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COMPARISION OF PROMOTIONAL
CO
MPO
NE
NT
SPROMOTIONAL
COMPONENT
ADVANTAGES
Advertising Allows expressiveness & control over message
Personal selling Permits flexible presentation & gains immediate
response
Sales promotion Gains attention/ Immediate impact
Publicity Has high degree of credibility
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COMPARISION OF PROMOTIONAL
CO
MPO
NE
NT
SPROMOTIONAL
COMPONENT
DISADVANTAGES
Advertising Hard to measure results
Personal selling Costs more than all other form of contacts
Sales promotion Easy for others to imitate
Publicity Not as easily controlled as other forms
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ADVERTISING
Paid form of
non-personal presentation/ promotion of ideas byan identified sponsor.
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WHATEXACTLYADVERTISING DOES?(
O
ne point of view) Affects consumer preferences & tastes
Differentiates our product from competitors offering
Makes customers loyal &
Less price sensitive Prevents potential entrants from entering by creating
Huge brand loyalty barriers
Allows firm to charge a premium and less likely tocompete on price , dimensions etc.
High prices/ Excessive profit accrued permits moreadvertising & creating artificial shortages.
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ADVERTISING MANAGEMENT
Setting advertising objectives (Mission)
Determining advertisingBudget (Money)
Selecting & scheduling media (Media)
Developing advertising message / copy(Message)
Measuring advertising effectiveness(Measurement)
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Sales Management
Deals with different Models andMethodologies of managing sales and
distribution channels
Explores opportunities for further innovativemethods to generate sales
Deals with sales force management
Sales Promotion, Merchandising and
Inventory Control is also the part of Sales
Management
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PERSONAL SELLING
An individual to individual selling in whichoral presentation is made to customers tomake a sale.
Most expensive method of sales promotion. Indispensable due to fierce competition &
growing sophistication in buying process.
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CATEGORIES OF P.S.
Merchandise Deliveries: Sales & delivery boys.
Inside order taker: Retail salesman.
Outside order taker: Taking order from resellers.
Missionary salesperson: To educate aboutproduct & co. not for taking orders.
Tangible product seller: To persuade & sell aproduct.
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SALES PROMOTION-Techniques
Push
VsPull
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CUSTOMER RELATIONSHIPMANAGEMENT
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CUSTOMER RELATIONSHIPMANAGEMENT
INTRODUCTION TO CRM
TECHNOLOGYUSED.
OB
JECTIVES OF
CRM SOF
TWARE. PRIMARYGOALS OFCRM.
DATA COLLECTION FOR CRM
CONCLU
SION
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OBJECTIVEOFCRM
Identifying unique characteristic of each
customer.
Knowledge of customer values.
Modeling the current & potential value of
each segment.
Customization of services
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PRIMARY GOALS OFCRM
SOFTWARE
Retaining existing customer
Quick access of data within organization
Analysis of sales pattern
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Data Collection Project reports
Sample survey
Telephone directory
Registered member of Portals.
Yellow pages
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Marketing is battle amongst PERCEPTIONS
not amongst PRODUCTS
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Best of Luck for Exams